Mineworkers demand GH¢380m locked-up funds, threaten industrial action

The Ghana Mineworkers’ Union (GMWU) of the Trades Union Congress (TUC) has appealed to the Finance Minister to intervene in the recovery of more than GH¢380 million belonging to over 19,000 mineworkers whose funds remain trapped in distressed financial institutions.

In a petition dated August 20, 2026, the GMWU called for urgent action to resolve the outstanding claims involving distressed Specialised Deposit-taking Institutions, including The Seed Funds Savings & Loans Limited and Jislah Financial Services Limited.

The affected monies include workers’ Provident Funds, Welfare Funds, Leave Savings, personal investments and severance benefits.

According to the union, the funds became inaccessible following the financial sector clean-up undertaken by the Bank of Ghana.

The GMWU said it had been engaging the central bank since 2021 but had not received a permanent solution to the problem.

However, a subsequent request for a meeting with the Bank of Ghana Governor, the union said, was never granted.

The union said the continued lack of access to the funds had created serious difficulties for workers, particularly retirees and those who had lost their jobs and depended on their savings to meet household and medical expenses.

It said workers had exercised restraint over the years based on assurances from government, the Bank of Ghana and development partners that outstanding issues arising from the financial sector clean-up would eventually be addressed.

The GMWU, however, expressed concern over recent comments attributed to the Finance Minister suggesting that the Bank of Ghana should recover assets from distressed financial institutions and use the proceeds to settle depositors.

The union warned that frustration among affected workers was reaching a critical point and could undermine industrial peace in the mining industry.

It referenced previous labour disputes involving workers of Ghana Manganese Company Limited, Future Global Resources, now known as Heath Goldfields Limited, and Golden Star Wassa Mine.

The GMWU said it had worked since 2021 to prevent the issue from escalating into industrial action but was increasingly struggling to contain workers’ frustration.

It therefore demanded the full repayment of the locked-up funds and an urgent meeting with the Finance Minister to agree on a lasting solution.

The union warned that failure to act could result in protests and strikes, with possible consequences for mineral production, government revenue, investor confidence and the wider economy.